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The SEC contends that Kraken unlawfully facilitated the trading of crypto asset securities, leading to nine-figure profits.
The U.S. Securities and Exchange Commission (SEC) has thrust cryptocurrency exchange Kraken into the legal spotlight, filing a substantial 90-page lawsuit on Monday. This legal maneuver places Kraken among a select group of crypto heavyweights facing increased scrutiny from regulatory authorities.
SEC Allegations
The SEC's lawsuit alleges Kraken of multiple securities law violations and accuses the exchange of intertwining customer funds with corporate assets in ways that pose significant risks. Specifically, Kraken is accused of operating as an unregistered securities exchange, broker, dealer, and clearing agency since 2018.
The SEC claims that Kraken made substantial profits by unlawfully facilitating the buying and selling crypto asset securities. The complaint contends that Kraken's business practices involved commingling customer assets with its own, reaching a staggering amount of up to $33 billion. This commingling, according to the SEC, exposed customers to a "significant risk of loss."
The SEC further claims Kraken paid operational expenses directly from accounts containing customer assets, highlighting the exchange's alleged deficient internal controls.
Kraken's Response
Kraken is reportedly set to mount a robust defense against the SEC's claims. The exchange asserts that Congress should be the entity determining how to regulate cryptocurrency exchanges. It categorically rejects the SEC's view of digital assets as legally incorrect, factually false, and disastrous as a matter of policy.
Today, the SEC filed a complaint alleging that Kraken operates as an unregistered national securities exchange, broker, and clearing house. We disagree with their claims and plan to vigorously defend our position. https://t.co/a0C4wzBo3f
— Kraken Exchange (@krakenfx) November 21, 2023
Kraken founder Jesse Powell characterizes the SEC's actions as an "assault on America" and warns of the potential exodus of companies from the country.
Further, Kraken's current CEO, Dave Ripley, voices strong disagreement with the SEC's allegations, stating the company's commitment to vigorously defending its position. Ripley emphasizes the need for regulatory clarity in the U.S., suggesting that congressional action is essential to address the existing ambiguity.
We strongly disagree with the SEC claims, stand firm in our view that we do not list securities, and plan to vigorously defend our position.
— Dave Ripley (@DavidLRipley) November 21, 2023
As we have seen before, the SEC argues that @krakenfx should “come in and register” with the agency, when there is no clear path to…
The SEC's aggressive stance in the crypto space has triggered a substantial backlash. Critics argue that the industry operates within a legal system lacking clear legislation for cryptocurrencies and digital asset exchanges.
Sen. Cynthia Lummis responded to the lawsuit, saying the SEC cannot continue to rule by enforcement.
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Time Running Out for BNB? Why Investors Are Moving from BNB to $NUGX

Investors are turning to NuggetRush (NUGX), a mining project offering a unique mining adventure game with potential rewards.
TLDR
- BNB faces potentially reduced investor sentiment following Binance Exchange’s links to money-laundering activities.
- Binance’s founder and former CEO, Changpeng Zhao, has already resigned.
- NuggetRush (NUGX) offers high entertainment and community collaboration in its mining adventure game.
Binance Exchange has been involved in money laundering scandals as of late, leading to the resignation of its founder as CEO. Analysts say the controversy would likely increase negative sentiment for BNB.
Disappointed BNB holders are now turning to NuggetRush (NUGX), a mining project whose ongoing presale has risen by 30%. NuggetRush (NUGX) offers various rewards, including the opportunity to win real gold.
Yet, can this make it the best option out of available new ICOs? Let’s discuss.
BNB November Gains Undone By Money Laundering Scandal
The bullishness in the crypto market in November increased investor sentiment for several networks. Like many top altcoins, BNB started November with a rally.
Yet, BNB’s investor sentiment dropped sharply following Binance’s controversial involvement in money laundering schemes. On November 28, Changpeng Zhao resigned as CEO of Binance due to negligent behavior toward money laundering activities.
BNB’s decline has undone all its November gains. At the start of November, BNB was trading at $228.00, By November 20, BNB had jumped by 11.24% to $253.64. BNB dropped $229.30 by December 2, a few days after Changpeng’s resignation.
Binance is among the most active exchanges, with a daily trading volume of over $50 billion. Still, the recent controversy around money laundering activities has reduced its social sentiment.
Many investors are pulling their funds off Binance, which has pushed its withdrawals over $1 billion. Analysts expect this trend to continue in the short term. This could worsen BNB’s prospects, dropping it by 15.8% to $213.45.
NuggetRush: Round 3 Growth Stuns P2E Experts.
NuggetRush is a mining game with strong potential to become one of the most popular NFT projects. The game features a mining rush, where players will mine rewards like gold. NuggetRush offers a challenging environment that features the day-to-day life of artisanal miners.
Players will dig shafts, set up tunnels, and use several real-world soil sampling techniques. The main goal is to set up a booming mining business. Players will find and excavate material rewards. In return, NuggetRush (NUGX) will give players NFT characters and mining equipment.
The game will also reward players with in-game currency. Players can then invest this in-game currency into upgrading their player characters and machinery. This gives them higher value, which players can realize on NuggetRush's (NUGX) marketplace.
Finally, NuggetRush offers NFT staking, thus allowing players to earn money from holding their assets. This further increases earning opportunities for NuggetRush members.
NuggetRush's blockchain ICO has grown by 30% since its launch. In the first round of NUGX's presale, its value was $0.010.
By round three, NUGX's value had risen to $0.013, growing by 30%. The next round of NUGX's presale would boost its value by 15.3% to $ 0,018. Furthermore, NUGX will get listed when its value reaches $0.020.
Visit NuggetRush Presale Website
Disclaimer: This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $275. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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